Thursday, 6 June 2013

Mexico’s Cemex Set To Invest $100m In Egypt Operations

VENTURES AFRICA – In its effort to expand its operations in Egypt, Mexico’s cement firm, Cemex, is set for a $100 million capital outlay in the North African country.

Monterrey-based Cemex said a large chunk of this investment will go to increasing “capacity to use coal, pet coke and other fuels at its Assuit cement plant.”

This will assist in removing fuel grants next year.

According to Reuters, the planned investments were addressed at a meeting between Sergio Menendez, president of Cemex in Egypt and Yehia Hamed, Egyptian minister of investment.

“Cemex is constantly providing industry-leading building solutions that help improve the well-being of the people of Egypt,” Reuters quoted Menendez as saying. “This investment is expected to support the sustainable development of Egypt for many generations.”

Hamed, speaking at the gathering, said he was dedicated to being as defensive as possible to foreign investment in Egypt.

Hamed only just propositioned two amendments to Egypt’s laws regulating investment.
This will protect the “rights of the state and the rights of investors” regarding the Egyptian plants and firms.

According to Reuters, these changes to the laws have been ratified by the Egyptian Cabinet.